Attending college is an exciting time for your child. Whether it’s deciding where to go, what to major in or figuring the finances, there are a lot of decisions to think about. Before your child leaves the nest, here are three things to consider when it comes to having the right insurance policy.
1.) Auto Insurance Policy
- If they are taking their car to college, be sure to update their auto insurance policy. This can easily be taken care of by reaching out to your insurance agent! You’ll want to ensure your child is protected if they get into an accident or experience theft. If your child is attending college out of state, talk with us to see if anything changes on their auto insurance policy.
- Not taking a car? We suggest still keeping them on your auto insurance policy if they plan to drive when they return home for a visit or in the event they need to borrow a friend’s car on campus.
- Ask for discounts. See if your child qualifies for any additional discounts.
- Discounts may include:
- Good student discount
- Distant-student discount.
- Pay in full discount
- Safe driver discount
- Data tracking discount
- Discounts may include:
2.) Educate On Liability
College is an amazing social and learning experience. Be sure your child understands the serious consequences of drinking and driving, buying alcohol for kids underage or the other risks that are associated with drugs and alcohol. One poor decision could impact the rest of their life.
3.) If worried about theft while living off-campus, invest in a renters insurance policy.
- If your child owns valuable items like laptops, televisions, printers, cameras or other expensive items, invest in a renters insurance policy.
- Construct a full inventory of your child’s items that include model and serial numbers.
- If your child is living with roommates, remember each child needs their own policy.
- A renters insurance policy offers more than just covering your property. It can provide important liability coverage.
If my child experiences theft, will I be fully reimbursed?
This is where actual cash value and replacement insurance coverage comes into play. Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Actual cash value is the cost to replace the item minus any depreciation. So, if your child had wear and tear on an expensive electronic device, your insurance would pay out the cost of the electronic minus the depreciation. Talk to your agent for clarification.
Whether it’s changing your child’s auto insurance or investing in renters insurance, let our local experts at Michael MacDonald Insurance Services help you find the best insurance to fit your needs. For more information about Michael MacDonald Insurance Services, visit our website.